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of the appropriations and budget committee. also joined by georgetown university tax law professor john buckley on how the alternative minimum tax is affecting fiscal negotiations. "washington journal" is next. ♪ ♪ host: 25 days to go before the united states faces the fiscal cliff, the white house has rejected a proposal from house republicans to prevent tax hikes and spending cuts at the end of the year. no formal talks between the two sides are scheduled today. will go outside the nation's capital to get your voice involved. republicans -- democrats -- independents -- send us a tweet, post your comments on facebook, or send us an e-mail. we begin with some of the papers across the country today and how this latest proposal from house republicans is playing out in the papers. courtesy of "the atlantic journal-constitution" -- here is "the denver post" -- finally, here is "of the arizona republic" -- here is "the washington post" on what is inside this deal -- we want to get your take on this. what do you think? ted in new york, a democratic caller. what do you think? caller: good morning. i do n
-class families face the distinct possibility of higher tax rates in january. with so many americans who are still struggling to find their economic footing after the deepest recession of our lifetimes, these looming tax hikes would be hard for those middle-class families and they are completely unnecessary. newspaper stories day after day on the so-called fiscal cliff often omit that the senate has passed legislation to shield 98% of families and 97% of small businesses from the income tax part of this so-called fiscal cliff. we passed the middle-class tax cuts act on july 25 of this year and we sent the measure to the house of representatives. did speaker boehner and the republicans in the house promptly pass this popular bill and send it to president obama for his signature? did they move to protect 98% of middle-class families from this tax hike in january? no. no. they decided to hold the middle-class tax cuts passed by the senate hostage in an attempt to push for tax cuts for the folks they care the most about, the top 2% of highest earning households. republicans fighting for millionaires a
that taxes and middle-class americans that violates the fundamental preliminary that the president has -- in order to preserve low tax rates for wealthy americans, to ask the middle class to pay the price is not going to happen. it's not just the policy. >> only taxes on those families making $250,000. >> every proposal that has been seen and analyzed imagine you can achieve the necessary amount of revenue by closing deductions or closing loopholes, does that in one of two ways. one, raising taxes on the middle class by eliminating very family-friendly deductions like the mortgage deduction, health care deduction and others or by taking draconian action on the charitable deductions and others that aren't good policy or aren't realistic. it would be hard to explain, i don't think members would want to explain to nonprofit hospitals, major charities, universities and others that all that -- all those contributions that they received in the past will not be forth coming because of an action of congress, i don't think that is realistic. >> one last question, if the amount of revenue were t
again it solely is because it doesn't raise tax rates on the rich. when is obama going to rise above that obsession? when will he lose that over rich people and tax rates? i don't know. tonight, i'm is going to try to call his bluff. anyway, also breaking tonight, potential catastrophe if syria uses its chemical weapons. president obama issues a stern warning to syria and i quote the world is watching. and there will be consequences if syria uses these wmds. have we just committed ourselves to another war? and the gun control debate is squarely back in the spotlight tonight after the murder/suicide by nfl player in kansas city, second amendment instead of blaming the sick people who use them. republicans have responded to a fiscal cliff counter offer to president obama. eamon javers joins us now from washington with all the details. good evening. >> reporter: good evening. leapt me walk you through the specifics or at least what specifics we have so far from this boehner counter offer and you can see where it falls short from the white house's perspective right in the top line take a
, reagan did hold up his end of the deal and went along to support the tax increases. however, it -- on their side of the equation and did not implement the spending cuts, and so, this also happens again under the elder george bush's presidency, so i have very little confidence in democratic leadership's willingness to stand by a pledge to cut any spending at all. host: thanks to all the calls this morning. the house of representatives is about to come into session. the chair lays before the house a communication from the speaker. the clerk: the speaker's room, washington, d.c., december 4, 2012. i hereby appoint the honorable gregg harper to act as speaker pro tempore on this day. signed, john a. boehner, speaker of the house of representatives. the speaker pro tempore: pursuant to the order of the house of january 17, 2012, the chair will now recognize members from lists submitted by the majority and minority leaders for morning hour debate . the chair will alternate recognition between the parties with each party limited to one hour and each member other than the majority a
pledge to not raise taxes? >> guest: it's not up to me to decide what violates and what doesn't but i don't think so. i think keeping tax rates where they are is the question and you can increase revenue without increasing the tax rate partly by that and a more efficient system. it distributes investments away from the nonproductive loopholes towards things that generate economic growth and that's something that paul ryan has been a leading advocate of. so i think this is a really smart proposal by the speaker, and it was -- i was pleased to see every republican. it wasn't just his name. it was extremely significant. hopefully the white house understands that means a unity of the republican leadership at that table, and if there's unity there i assure you there is in the republican conference. >> host: here's a letter to the white house with of the signatures of the leadership team including paul ryan of the budget committee. a lot of the callers have talked about the lack of detail in the proposal. what loophole deductions do you get rid of an order to bring in more revenue? >> guest: ag
. ♪ >> the speaker's proposal right now is still out of balance. >> their proposal would raise taxes on millions of middle class families. >> when you look at the math, it doesn't work. >> we can generate revenues not from raising rates but from reducing the exemption it's, the deductio deductions, and the loopholes out there. >> it would take me too long to go through all the math. >> we're going to have to have higher rates. it's not me being stubborn or partisan. it's just a matter of math. >> this is a continuation of hirs campaign. he thinks he won it. >> president obama has been re-elected. >> to get a deal done, you're going to have to have higher tax rates on the top 2%. >> the one thing the republicans have going for them is they're leaning on erskine bowles. >> i heard what you were saying. you know nothing of my work. you mean my whole fallacy is wrong. >> i'm happy to be flexible. i recognize i'm not going to get 100%. ♪ >> it certainly 'tis the season and whether you're counting the days to the fiscal cliff, the debt ceiling, christmas day, or judgment day, there's much to do and
about tax increases, the idea of a simple flat tax dead? we'll see. forbes doesn't think so. there's a news conference along with washington lawmakers to push for the flat tax. he joins us later this hour. liz: first, what drove the marketings for today's data download. stocks ending lower, struggling for direction most of the day, unable to hold gains trading lower. i think it was 79 times. health care and industrials were today's top performing sectors and telecomo lagged. the euro extending the gains versus the dollar, rallying to a near seven week high against the green back after greece announced its debt buy back terms. euro rose to a $1131. that's high historically. action in the metals. silver, platinum, all sinking more than 1%. silver was today's biggest loser dropping nearly p 3% to settle at $32.81 an ounce. david: markets hopping, but the next trader says investor participation is shifting. in chicago, larry, the key question here is what happens when the market gets off its hind legs and moves? move up or down? >> it all depends on what happens with the fiscal cliff.
rate and raises $800 billion in new tax revenue by reforming the tax cut and closing loopholes. the plan rejects specifically raising tax rates, but it is significant that john boehner has gotten his entire leadership team, including congressman eric cantor, kevin mccarthy and even former vice presidential nominee and budget hawk paul ryan to publicly sign their names to a plan that through closing loopholes raises taxes. in an effort to give this offer more bipartisan credibility, speaker boehner said the plan is based on a proposal by former clinton chief of staff erskine bowles. bowles said he was flattered by the use of his name but satsz the proposal, quote -- so far, this greek fiscal drama has yet failed to return. the larger question for america, the play ends in tragedy on december 31st. joining me now from washington, is the president for -- president of americans for tax reform, conservative counter broker and the man who does not believe in unicorns, pink or otherwise, mr. grover norquist. grover, what a day to have you on the show. thanks for joining us. >> absolut
recommendations in the report create 1.7 million jobs. everyone talks about taxes and what's going to happen with the fiscal cliff. in the last 10 years there's been $1,500 for every american consumer has gone to increased oil prices. $1,500. we're now talking about $2,000 take the tax cuts make a different for middle-class americans. you can get them that tax cut today if you invested in our report. and then everybody talks about entitlements. the social security administration trustees have said that high oil prices make the social security trust insolvent five years sooner than they would if you didn't have high oil prices. look, we all know what america needs. america needs jobs. america needs growth. following the recommendations in our report will lead to both of those. that's going to be good for the politicians, it's going to be good for the consumers, it's going to be good for american business. >> let me bring in the senators here to ask about -- i'll start with you, senator alexander. if you could just tell me a little bit about energy policy in this country and where it fits in i
struggles with crisis our official representative may be a celebrity bungler. new taxes announcing, these are taxes no matter how the fiscal cliff works out. and larry ellison knows it and pays to avoid a dividend tax. gets 200 million dollars. i'm still shaking my head. ambassador anna wintour? "varney & company" is about to begin. [ male announcer ] this is steve. he loves risk. but whether he's climbing everest, scuba diving the great barrier reef with sharks, or jumping into the marke hgoes with people he trusts, which ishy he trades with a company that doesn't nickel and dime im with hidden fs. he caworry about other things, like what the market is doing and being ready, no matter what happens, which isn't rocket science. it's just common sense, from td ameritrade. i heard you guys can sp ground for ss than the ups store. that's right. i've learned the only way to get a holiday deal is to camput. you know we've be open all night. is this a trick to t my st? male announcer break frothe holiday stss. save on ground shipping at fedex office. >> ambassador anna wintour, it's got
at the top, the 2%, are safe. your bush tax cuts are going to keep on giving. one problem, mr. boehner, you lost. that was your position before the election, and you lost. mitt romney campaigned on keeping the tax cuts for the wealthy, and he lost. and he promised to do what john boehner is doing right now, and he lost. how about some respect for the electorate? how about seeing what the 2012 presidential debate was about? obama championed tax fairness and won. republicans championed protecting that 2%, ignoring the 47% he talked about, and they lost. today boehner said he's willing to raise revenues by the same amount he agreed to back in august of 2011, the last time they had this fight. again, he's willing to act like the election never happened. no wonder. again, he lost. joining me is joy reid of the grio and howard fineman of the "huffington post." joy, you're chuckling because it is weirdly true. it's almost like groundhog day, this guy, boehner, he's not a bad guy, but he's operating on a bad thought here. the election didn't happen. >> it's incredible. it's amazing watching john bo
that the republicans accept a hike in the marginal tax rate for those with income over a quarter million dollars a year. my view? obviously i agree with the white house on the substance and as i have said before, their hand gets stronger over time. but sometimes a new idea can change the dynamic. here is an idea that has been around for a long time, supported by james tobin way back and pushed by ralph nadar in a "washington post" op-ed this weekend. impose a tax on financial transactions. it will give us up to $100 billion a year, fail on a sector that has generateed enormous unwarranted profits for very few but benefited from huge bailouts the regulatory help but by and large escaped responsibility for their role in the financial cataclysm we're still struggling with. with me, dan gross author of "better, strong, faster." and brian beutler and eric bates. what's your take on this? how severe will the harm be to the economy if we do not have a deal by december 31st. >> the macroeconomic harm is not going to be that great. our economy is adaptable adjustable. these things take place over the course of
does not include a tax increase on the so-caldwell thee but does contain $800 billion in revenue through tax reform, another $600 billion in health savings and much more. all told, the net savings amount to around 2.2 trillion dollars. the white house responded to this letter by saying that the president is, quote, willing to compromise but not on the subject of making job creators pay more in taxes. however, what our tax and spend commander-in-chief fails to understand is that putting money into the hands of you, the american people, is the single best way to spur economic growth, and it's not just people like ronald reagan who understand this principle. bill clinton famously said the era of big government is over and the end of wel welfare as we know it. why? because government is not the answer. government is the problem. there was that other iconic democrat, the one that occupied the oval office in 1962. he spoke of the benefits of cutting taxes. president obama, i hope you're watching this. >> this can be the most important step we could take to prevent another recession. th
, everyone, fox on stop of republicans folding fast when it comes to taxes. critics are saying they are taking away too much in leverage and essentially handing this whole deal, whatever happens on the fiscal cliff, to the democrats. here is what they considering, not only letting the top rate rise or finding an equal amount of taxes in other areas that would be the same effect. they considering a doomsday plan where house republicans would vote "present" on a bill that only extends the middle class tax cuts escaping blame for tax hikes on the 2 percent and wall street bigwigs are throwing in the towel and now calling the president's plan to hike taxes to the tune of $2.16 trillion double what originally called, credible. pore like incredible if you ask my next guests who are livid. michelle, what happened? >>guest: well, there is a reason why for some long the republicans are nicknamed the stupid party and the democrats are the evil party. there have been so many times the narrative that has been repeated over and over again where the republicans capitulate and rollover. what
my lips. no new taxes. >> read my lips, no new taxes. george h.w. bush hammered that mantra to win the white house in 1988. but just two years later, the reagan deficits were skyrocketing and president bush was forced to change his most famous line. >> long and bitter battle over the budget officially ended last night. president bush put his signature on the deficit reduction package, including $140 billion in tax increases. >> tax increases. that was a turning point for the modern republican party. the right wing went crazy. and george bush lost re-election. since then the party's been committed to never compromising on the tax issue, no matter the deficit. no congressional republican has voted for an increase in taxes since 1990. think about it. for nearly a quarter of a century, no new income taxes. in the current congress, 236 house republicans vowed never to raise taxes. 40 gop senators also kept that pledge. even president george w. bush, the man who got us into two wars we didn't pay for. the president who exploded our deficit. he insisted the solution to our problems were m
, between payroll and income taxes they pay more than 30%. a number of the extremely wealthy people pay less than 15% and some pay less than 10% and some pay nothing. >> jon: this is because of capital gains and the cayman islands. >> the whole works. >> jon: and bags that are kept dangling. (laughter) >> you're getting warm. >> jon: exactly. what then about the argument where they say that's double taxation if you do capital gains and that will hurt investment. this is clearly something you also have to deal with at the magazine. >> well, we hope so, double taxation. >> jon: but is that a valid -- >> well, if somebody out there is making $70,000 a year at whatever their job they're paying income tax and payroll taxes. they're getting taxed twice, too. and in my own case i paid a very low rate in 2009 which i wrote about. practically all my capital gains came from bond, there was no double taxation there. >> jon: they're saying that unless the rich can pay less they won't invest in companies and america. that the job creators must be -- and we should also get them -- i guess it's called feat
in new taxes, half of what t president was looking for. more importantly, the gop plan keep tax rates the way they are now. we kw that is a deal mker for the tie-breaker for the presidents. joining me now, theman some democrats blame for the fiscal cliff impasse, grover norquist, president of americans for tax reform. and the many ands a finger to about fixing it, michael reagan, founder of the reagan group. i wantto start with the republicans plan that they put on the table. they have been accused of doing nothing and all. they come up with their own plan which inclus 800 billion in revenue from closing loopholes and eliminating deductions and then 1 billion in spendin cuts. it is being rejected from the get go by democrats. grover, what do you say? >> i think the republicans had a very good pl called lorraine budg. they alloted for it in the house. itsaves $6 trillion over the same decade, and they did not raise taxes and all. i really think of the president is not iterested in compromising, and not sure it is wise with the republicans to keep moving in his direction. i suppos it ge
asking the wealthiest to pay slightly higher tax rates. we won't be able to achieve a significant balanced approach to the deficit. it does have some revenue in it, even though it's not from tax increases. so what does this opening offer say about where we are in these negotiations? >> well, it seems very difficult to imagine that we're going to be getting to a deal that will handle everything that needs to be addressed before the end of the year. i think the first main thing that needs to be addressed is the question of the tax cuts expiring. and for the obama administration, the question is, is it in their interest to trade tax cuts for the wealthy? increase for the wealthy for raising the age for eligibility for medicare, for example. i'm not sure that that's a trade that they are eager to make immediately. >> let me show you the side by side comparison. the president wants $1.6 trillion in revenue and republicans want to cap the same deductions for the rich but republicans want to change the age to 67 and change the way they calculate social security payments. i wonder, though
agreement that raise tax on the middle class in order to protect more unnecessary giveaways, the top 2% s. doomed from the start. it won't pass. democrats won't agree to it. president obama wouldn't sign such a bill and the american people won't support it. >> you don't get people together until they finally sit down at the table and negotiate. it's still too much posturing, still too much the president wants his way, somebody else wants it that way. >> the gop's opening bid includes $2.2 trillion in tax reform, entitlement reform. but here's the problem, it includes no tax hike for the top 2% that republicans must have and something that the president repeated on the campaign trail. >> the obstacle here continues to be republicans who hold out hope that we can somehow go through this process and still deliver tax cuts to millionaire and billionaires. and that's just not going to happen. >> with just 28 days to go, who will make the next move in this fiscal faceoff? >> john boehner's counteroffer was pathetic. even the tea party members are saying that it was pathetic. this republican par
republicans to give on the top rate. he said that first of all, we can't do a fundamental tax reform in the next two weeks. we simply have to have a down payment before the end of the year and then commit to tax and entitlement reform during the year of 2013. he also specified, and i think this is significant, that he thought 300 to $400 billion over ten years is about what you could raise by closing loopholes and trimming deductions. this is a -- this is a way to come to grips with how to get to the revenue target the president wants. let's first of all listen to -- we have got a piece of sound from that interview. let's listen to the president. >> when you look at how much revenue you can actually raise by closing loopholes and deductions, it's probably in the range of $3 to $400 billion. that's not enough tobalanced pl actually reduces the deficit and putts on a path to long-term stability. what i need, what the country needs what the business community needs in order to get to where we need to be is an acknowledgement that folks like me can afford to pay a little bit higher rate
counteroffer to the white house plan relies on $800 billion. the plan does not raise any tax rates on the top income earners. it also contains $600 billion in health care cuts. who has been for that? nobody. there are $300 billion in cuts in mandatory government programs and another $300 billion in cuts to agency budgets and discretionary spending. the speaker's office sent a letter outlining the plan saying new revenue would be generated through pro-growth tax reform that closes special interest loopholes and deductions while lowering rates. oh boy. it's the mitt romney plan again. the offer letter actually described the proposal as the bowles plan. republicans say the plan is based on the outline for the debt commission co-chair. the approach outlined in the letter speaker boehner sent to the president does not represent the simpson-bowles plan nor is it the bowles plan. the white house also rejected the offer in a statement today. the republican letter released today does not meet the test of balance. in fact, it actually promises to lower rates for the wealthiest americans and sticks the
in savings from tax reform from closing special interest loopholes and deductions. $600 billion in so-called health savings, which includes changes to medicare. 300 billion other mandatory savings. 300 billion in further discretionary savings. the white house swiftly shot it down. until the republicans in congress are willing to get serious about asking the wealthiest to pay slightly higher tax rates, we won't be able to achieve a significant balanced approach. >> a man who's been called one of the keys to reaching a real deal. we appreciate it. >> thank you. >> let's begin with this letter that comes -- is addressed to the president and comes from the majority leader, boehner. in this letter, he sort of lays out part of his plan. what do you think of his plan as we've laid out so far, and in the specifics this letter. >> i think the first thing i've heard you say, the white house is reacting negatively to it, which is really concerning to me. that -- what he offered was what erskine bowles offered to the select committee as a compromise between the democrats and the republicans. i'm
obama. the different in dollars. the president wants $800 billion more in tax increases. the republicans want approximately more a trillion dollars more spending cuts. that's the difference between the two sides just in dollar terms. there is a difference between the two sides in terms of principle. the principle centers on higher tax rates, yes or no. speaker boehner many latest offer is raise $800 billion mostly from the wealthy by limiting deductions. the president says, no, don't want that. we want to tax the rich with higher tax rates on the rich. we have a dollar difference, a difference in principle. martha: we are hung up on ideology here. if you can get the money one way and it produces a long lasting change to the tax code which both sides say they want, what seems to be the problem? >> reporter: it's ideology. the president one the elect, he says he won it on taxing the rich. he want to win the debate. whether it's the best solutioner to the economy is an entirely different story. this is a political and ideological argument and we'll see who wins. martha: there is a couple wa
cost of living increases for social security benefits. they also propose overhauling the tax code to generate $800 billion in new revenue. but without raising taxes on the wealthy. in a letter to the president, leading republicans compared their plan to one erskine bowles drew up last year. >> not even close. >> he rejected that connection and the white house, of course, is hitting the road. we'll get to that in a moment. but here's my question. i've been watching the coverage of this and reading it. and there's a lot of liberals who were like, he won, ha, ha, they're so arrogant about it, it's hard to like them. because it's just not attractive. but he did -- >> yeah, he won. >> and he is going to the american people with this. and why can't the starting point of these negotiations be about the tax rates and go from there. why are we at square one? and why is this on the president at this point? since he won. i understand the first four years being kind of bruising. >> right. >> but -- at what point does he have the right to draw a line in the sand? >> so he has every right to dr
. and of course everyone, everyone deserves a $250,000 tax break. we all agree on that. so why not just simply adopt it and then come back and we'll have time to address the issues as it relates to bending the cost curve on health care and focusing on the vast inefficiencies, the fraud, the abuse and the waste that totals more than $750 billion annually? as for the chairman from my district said, list, it would be a way for us to bring down the deficit but also make health care affordable, accessible and functional for the american people. something i believe we must do. with that let me introduce the chair in waiting, javier becerra. >> mr. chairman, thank you very much. it's been a pleasure serving with you as our chairman of the caucus. december, how many families do you know that are sitting down right now trying to do some quick math on their finances and figure out how they can stay on their budget and have a little left over to buy gifts for the kids and for the loved ones so it will be a merry christmas, great holiday for all of america's families? they don't have any choice but to fig
to go over the fiscal cliff. there will be some sort of resolution. they'll come up with some tax cuts, some breaks in spending, and probably kick the can down the road on a lot of it. i love the way this market is acting. it's not selling off with all the bad news, all the bickering, all the bad words on each side. you've got to love the way that this market is holding up here. doesn't mean investors need to be carefree, but overall, it looks like the market is setting up with a lot of negative sentiment out there. looks like there's a lot of opportunity for a big run higher once we get some form of resolution. i really believe we're going to get it. >> you think by year end? >> i really do. i think they want to go home for christmas. they're not going to want to not go home for christmas. you can always count on politicians to do the right thing when all other options have been exploited. they're going to finally get there because they have to. they're not going to solve 100% of it right away. >> jump in, abbigail. >> i think it's too early to be bearish or bullish, for that matter.
the irs is about to hit millions of americans with new taxes to pay for the health care law. the new taxes hit certain people's investment income, capital gains and dividends, and they also impose a new income tax separate and apart from the one you already pay. joining me now, the president of the american commitment, and he's been joining us on the health care law for months now. phil, this is very interesting because we had the supreme court rule that obamacare was a tax, and there was a debate about whether it really did impose new taxes or not. it's very clear the so-called rich in this country, people who makeover $250,000 as a family or $200,000 as individuals, are going to have their investment income hiked irrespective of any fiscal cliff talk. this is all thanks to obamacare? >> yeah, that's exactly right, megyn. there was a surtax in the health care law, supposedly to pay for medicare, but they raised it -- they raided the money out of medicare before it even arrived to pay for the new obamacare spending. it's 0.9% additional medicare tax on wages of high income earners, and it
. think of all those gas taxes that were to pay for those bridges, or tolls of no bridges to pay for fixing those bridges, and highways. think about that social security lockbox. no box, no lock. and millions in lottery ticket to go to education to make our kids smarter, today, sadly, they are only getting dumber. while we open our hearts let's not lose our minds. the folks deserve better to be locked out of a lockbox, and to be taken by greedy politicians who find other uses on the backs of that. not fair, not right. not remotely the thing to do. to staten islander john d'backo who knows of what i speak. he took matters in his own hand with his brother and buddies, made things right, here is john on the phone with the story. you quickly seize the initiative and did a lot more on just a local level. than fema. >> well, neil, as you know my house was affected my family was, but after stabilizing our situation we took a look around two days later, and we saw a bunch of federal response, out there with clip boards taking notes but we did not see boots on the ground helping people. y
. >> they blasted the debt proposal and vowed unless republicans give in on the tax rates, president obama let the nation fall off the fiscal cliff. >> republicans need to acknowledge reality here. rates have to go up. earlier in the presidency, obama warneded it could hurt the economy. >> the nation is no longer in recession. and american manufacturing contracted in november for the first time in three months. the president is concerned enough that he proposed tens of billions in new stimulus spending in the debt talks. >> what is the justification for raising taxes? >> the fact of the matter is that it's vitally important that we extent and the president's view make permanent tax cuts for 98% of the american people. >> the president would like to see it done tomorrow and would sign it right away. >> they will put for ending deduction and closing loopholes. >> republicans move a great deal. who was the first person after the election was the speaker who went down and provided the re-knew. >> they blasted the proposal to limit deductions to tell bloomberg television it's unrealistic. >> that m
will get smaller. in 28 days your taxes will go up. coming up, a new proposal from republicans to keep us from plunging over the fiscal cliff. >>> three storms in one week. the west coast is getting hammered by rain. a live report minutes away for you. good morning. welcome to "early start" this tuesday morning. i'm christine romans. >> i'm zoraida sambolin. it's 5:00 a.m. in the east. >>> we begin with breaking news. iran claiming it has captured a u.s. drone. this is video from state television in tehran it shows two revolutionary guard commanders examining what appears to be an intact scan eagle drone. we don't know if it's the one they claim they captured. moments ago a u.s. defense official told barbara starr the u.s. navy has fully accounted for all unmanned vehicles operating in the middle east region. we have the latest developments now from cairo. a u.s. source says that if the iranians do have something, it is not an actively operating u.s. navy drone. what would that mean? could this actually be a fake? >> it could be. it's not clear right now, but iranian officials have a diff
that any agreement must include some higher income tax rates on top earners. the republican plan would raise tax revenue by not extending the current obama cut in payroll taxes. but the republican plan still refuses to raise the top income tax rates. yesterday, treasury secretary tim geithner made it clear that there can be no deal without higher top tax rates. >> last question, can you promise that we will not go over the cliff? >> no, i can't promise that. that's a decision that lies in the hands of the republicans that are now opposing increases in tax rates. if they recognize the reality that we can't afford to extend those tax rates, then we have a basis for the agreement and that's going to be the responsible thing to do and my judgment is they are going to do it. >> joining me now, ezra klein, huffington post, ryan grim. ezra, what do you make of the boehner proposal that was kind of cribbed from erskine bowles? >> two things. one, republicans are terrified about by the polls showing that they are going to immediately get blamed if they are not willing to compromise. the reason
to entitlement spending, and no new taxes on the wealthy. >> tom: i'm tom hudson. auto sales speed up in november, with buyers taking advantage of ultra-cheap financing to ditch their old cars. >> susie: ford takes the wraps off a new lincoln, taking the brand back to its heritage, but will a re-branding help rev-up sales, we ask ford c.e.o. alan mulally. >> tom: that and more tonight on "n.b.r."! after a weekend of trading accusations over the lack of progress on avoiding the fiscal cliff, both sides now have put their opening offers on the table. last week, it was treasury secretary timothy geithner meeting with top republicans. this afternoon, house speaker john boehner sketched out the g.o.p. proposal in a letter to the white house, and the proposal borrows suggestions from the president's own debt reduction commission, whose plan was ignored last year. the republican letter offered $900 billion in spending cuts from program reforms to medicare and social security. the g.o.p. plan would raise $800 billion in revenues by closing loop-holes and reforming the tax code, but stops short of specifi
offer would overhaul the tax code and raise $800 billion in new revenue, it would also seek $600 billion in health savings and $200 billion for revising the cost of living increases for social security. the net savings would add up to $2.2 trillion over ten years. now, again, this is the republican counterproposal to the plan that the white house has already put out. speaker john boehner has said that this is something that is much closer to the bowles-simpson proposal. erskine bowles saying the gop offer does not represent the plan, he says both sides are kind of far away from it at this point and that it's now up to negotiators to figure out where the middle ground is today. >> bowles said that the mid point that i used back in -- this is where we were last year. so used the mid point of the negotiations, but it's in longer the mid point i guess. >> he also said -- he is a testimony, but he has separated himself from the administration by saying that they thoo should have taken more of their proposals more seriously. he also said last night that you will see higher marginal tax rates.
representative tom cole of oklahoma and the man behind the anti-tax pledge, grover norquist. they'll both be "outfront." the new film called "zero dark 30" sparking controversy. it's based on that raid that killed osama bin laden and some charge the obama administration gave the film's producer certain access. barbara starr will be with us about that. thanks for joining us. "ac 360" starts now. >>> we begin with breaking news. new signs tonight the syrian government could be preparing to do the unthinkable, unleash chemical weapons on its own people. the united states has new intelligence suggesting syrian forces now mixing the ingredients used to make deadly serin gas. a serious civil war has progressed. the obama administration has repeatedly warned even just moving chemical weapons would be a red line that could draw a swift response. just hours ago, president obama directly addressing the assad regime about this latest intelligence. >> today, i want to make it absolutely clear to assad and those under his command, the world is watching. the use of chemical weapons is and would be tota
would raise $800 billion in revenues by closing loop-holes and reforming the tax code, but stops short of specifics. noticeably missing: the higher taxes on high-wage earners which president obama has insisted on. the white house responded, saying "the g.o.p. proposal does not meet the test of balance. in fact, it actually promises to lower rates for the wealthy and sticks the middle class with the bill." it's not just the federal government under pressure. credit ratings agency fitch calls the fiscal cliff the biggest concern for state credit in 2013. saying, "any meaningful federal deficit reduction is likely to lower state funding, forcing program elimination or backfilling." as the tax hikes and spending cuts approach, u.s. manufacturers saw business shrink last month. the institute of supply management's purchasing managers index fell unexpectedly to 49.5, down from 51.7 in october. a reading below 50 means business has fallen back into contraction. the november statistic is the lowest since july 2009. the dow fell 60, the nasdaq down eight, the s&p 500 lost six. >> susie: jeff sa
as the nation edged closer toward a so- called fiscal cliff that could raise taxes by year's end. we begin with a report from newshour congressional correspondent kwame holman. >> we're going to have to see the rates on the top two percent go up. we're not going to be able to get a deal without it. >> reporter: in his first interview since the election, president obama rejected a proposal from house speaker john boehner. he spoke on bloomberg television. >> unfortunately the speaker's proposal right now is still out of balance. i'm happy to entertain other ideas that the republicans may present. but we are not going to simply cut our way to prosperity or to cut our way out of this deficit problem that we have. we're going to need more revenues. in order to do that, that starts with higher rates for the folks at the top. >> reporter: the president did say today he would consider lowering rates again for the top two percent next year as part of a broader tax overhaul. the house republican plan envisions $2.2 trillion in deficit reductions over the next decade. $800 billion would come from ne
have investment income, capital gains or dividends, not only do you have to pay taxes when you cash out, you're going to have to pay an extra surtax on top of that. so what we're seeing is the ira saying, we have to a shoot possibly 1509 pages of rules. it becomes -- >> a little bit about this and then it disappeared. apparently it disappeared from the irs. all of a sudden out of the blue we have that already by april april 15th. >> nancy pelosi said we have to pass it to see what's in it. well now we're seeing what's in it. the rules are supposed to help poland $318 billion over the %-health reform.o help pay for the thing is, there may be a brand new form that taxpayers have to deal with the basically calculate the mass. it sounds like a migraine. but i'll tell you something. here's the kicker. this surtax is supposed to go on investment income. what they're struggling with bell is, wait a second. what about rental income. rental income is a big deal. oversee those. coach rental income for a house or apartment or whatever. up to you something. that's something that is not a hot debate
of a deal. now, keep in mind time is of the essence here. automatic tax hikes and spending cuts will go into effect in just four weeks if your members of congress can't come together and do a deal. on paper, it shouldn't be too hard. it's the job the american people elected them to do and the american people expect results. they want compromise. in fact, two separate cnn/orc polls, in those polls, an overwhelming number of people, 72%, said both sides should do a better job working together in general. so the people, that's you, want compromise. yet this is how the men and women on capitol hill, the men and women you elected to work for you, have responded over the last 48 hours. >> i think we're going over the cliff. >> it's unfortunate that the white house has spent three weeks doing basically nothing. >> what we can't do is sit here trying to figure out what works for them. >> the president's idea of a negotiation is roll over and do what i ask. >> it's pretty clear to me they've made a political calculation. >> if their ideas are different from ours, we can't guess what they are. >>
host: maverick writes in and said, i see a problem with giving tax credits for hiring unless employees make a living wage. thomas is up next from south carolina on our democrats line. caller: we are down here in foggy south carolina. thank you for c-span. host: thank you. caller: something that has come to my view on a c-span program the other night, two republicans and one democrat were expressing a need for a trust fund to finance infrastructure, which we need very badly, which would put people back to work from some form of tax on the infrastructure that we build. it is the duty of our government to do things for people that they cannot do themselves. the rich can do for themselves. the poor people cannot. i'll hang up and listen. host: let's go to curtis dubay. guest: we keep hearing about infrastructure investment. but the way we do that is federal gaps. the 65 cents of every dollar raised for the federal gas tax actually goes to roads and bridges and highways. the rest of it goes to things that are not supposed to be funded by the attacks. sustainability projects, bike
a business plan. then we look at the three-year tax return and that statement. we do a lot of home care and mom-and-pop shops. we also do start ups. we asked for approval through documents. we work a lot with people who do not know how to file taxes properly. we are mainly focused in san francisco. we are small. we focus mainly on the tenderloin, chinatown, bayview, visitation. we do a lot of expansion. people start small through the credit union and then want to go to the bank. we know we are limited. we cannot afford to give out a big loan. starting from the credit union, we educate them about filing taxes properly and then moving on to the bank, a small one, expansion, and we work with the bank. the bank and credit union are similar. we do allow tax returns, projections. credit unions do not charge an additional loan or processing fee. processing time, on a small loan, -- consumer loans probably a few days. because we require a business plan, sometimes it takes longer. business plans take a while. especially bank statements. we need to see consistent income coming in. so far, a credi
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